South African president, Jacob Zuma, has announced a US$97 billion, three-year building programme that will see roads, ports and access to utilities upgraded and coal and other mineral deposits exploited more effectively
Zuma also announced other critical infrastructure projects that will take 15 years and $462 billion to complete, including significant investments in the private sector.
Mining strikes and weakened demand from Europe have severely damaged South Africa’s economy and the rand has fallen five per cent against the dollar since August. South Africa’s central bank predicted that economic growth will be just 2.6 per cent this year.
“As a job creator the infrastructure programme is a clear win,” Zuma was quoted as saying by the Atlanta Black Star. “Construction and maintenance alone will employ tens of thousands of people.”